Table of Contents
Intro: Vibe is Negative, Looking for the Turn.................................. 5
Recommendations and Historical Performance ............................. 7
Recommendation Abstract............................................................. 15
Relative Value Tables ...................................................................... 22
Credit Comparison: Yield to Worst ................................................ 28
Credit Comparison: Spread to Worst ............................................ 30
Capital Spend Significantly Curtailed............................................ 37
Acquisition Outlook & Review ....................................................... 42
Capital Markets Under Siege.......................................................... 45
Margin Analysis ............................................................................... 49
Gaming Equity Prices...................................................................... 51
Detailed 4Q 2008 Results – Gaming & Leisure.............................. 52
Ameristar Casinos...................................................................................................................53
Boyd Gaming ..........................................................................................................................56
Harrah’s Operating Co ............................................................................................................62
Isle of Capri .............................................................................................................................72
Las Vegas Sands.....................................................................................................................79
Landry’s Restaurants ..............................................................................................................87
MGM Mirage ..........................................................................................................................90
Mohegan Tribal Authority........................................................................................................95
MTR Gaming.........................................................................................................................103
OSI Restaurant Partners........................................................................................................105
Pinnacle Entertainment .........................................................................................................112
Penn National.......................................................................................................................118
River Rock Entertainment .....................................................................................................124
Town Sports.........................................................................................................................125
Wynn Las Vegas ...................................................................................................................128
2009 Jurisdictional Market Highlights......................................... 134
Jurisdictional Outlook................................................................... 136
Monthly Gaming Revenues by Jurisdictions .............................. 139
Atlantic City...........................................................................................................................142
California ...............................................................................................................................145
Connecticut..........................................................................................................................146
Colorado...............................................................................................................................148
Illinois ...................................................................................................................................151
Indiana..................................................................................................................................154
Iowa .....................................................................................................................................157
Louisiana..............................................................................................................................160
Mississippi ............................................................................................................................163
Missouri ...............................................................................................................................165
Michigan ...............................................................................................................................168
Nevada.................................................................................................................................171
Pennsylvania .........................................................................................................................174
Iowa .....................................................................................................................................157
Louisiana..............................................................................................................................160
Mississippi ............................................................................................................................163
Missouri ...............................................................................................................................165
Michigan ...............................................................................................................................168
Nevada.................................................................................................................................171
Pennsylvania .........................................................................................................................174